Northern Oil & Gas Q2 2024 10-Q Filed

TL;DR

NOG filed its Q2 10-Q. Financials and ops details out.

AI Summary

Northern Oil & Gas, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported revenues and provided updates on its financial performance. Key financial data and operational details for the second quarter of 2024 were disclosed.

Why It Matters

This filing provides investors with the latest financial and operational performance data for Northern Oil & Gas, crucial for understanding the company's current standing and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — As an oil and gas company, Northern Oil & Gas is subject to inherent commodity price volatility and regulatory risks.

Key Numbers

• 2024-01-01 to 2024-06-30 — Reporting Period (Year-to-date financial performance)
• 2023-01-01 to 2023-06-30 — Prior Year Period (Comparison for year-to-date performance)
• 2024-04-01 to 2024-06-30 — Q2 2024 Period (Quarterly financial performance)
• 2023-04-01 to 2023-06-30 — Q2 2023 Period (Comparison for quarterly performance)

Key Players & Entities

• NORTHERN OIL & GAS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• MINNETONKA, MN (location) — Business Address

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 NOG New York Stock Exchange Indicate
• $0 — 8 shares of our common stock, par value $0.001, outstanding. Table of Contents

Filing Documents

• nog-20240630.htm (10-Q) — 1814KB
• exhibit33-certificateofame.htm (EX-3.3) — 11KB
• exhibit31120240630-10q.htm (EX-31.1) — 16KB
• exhibit31220240630-10q.htm (EX-31.2) — 16KB
• exhibit32120240630-10q.htm (EX-32.1) — 8KB
• 0001104485-24-000147.txt ( ) — 8950KB
• nog-20240630.xsd (EX-101.SCH) — 55KB
• nog-20240630_cal.xml (EX-101.CAL) — 66KB
• nog-20240630_def.xml (EX-101.DEF) — 300KB
• nog-20240630_lab.xml (EX-101.LAB) — 709KB
• nog-20240630_pre.xml (EX-101.PRE) — 472KB
• nog-20240630_htm.xml (XML) — 1497KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Financial Statements (unaudited) 2

Item 1. Condensed Financial Statements (unaudited) 2 Condensed Balance Sheets 2 Condensed Statements of Operations 4 Condensed Statements of Cash Flows 5 Condensed Statements of Stockholders' Equity 6 Notes to Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures about Market Risk 44

Item 3. Quantitative and Qualitative Disclosures about Market Risk 44

Controls and Procedures 47

Item 4. Controls and Procedures 47

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 48

Item 1. Legal Proceedings 48

Risk Factors 48

Item 1A. Risk Factors 48

Unregistered Sales of Equity Securities and Use of Proceeds 48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities 48

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures 48

Item 4. Mine Safety Disclosures 48

Other Information 49

Item 5. Other Information 49

Exhibits 50

Item 6. Exhibits 50 Signatures 52 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. NORTHERN OIL AND GAS, INC. CONDENSED BALANCE SHEETS (In thousands, except par value and share data) June 30, 2024 December 31, 2023 Assets (Unaudited) Current Assets: Cash and Cash Equivalents $ 7,778 $ 8,195 Accounts Receivable, Net 359,649 370,531 Advances to Operators 21,685 49,210 Prepaid Expenses and Other 2,651 2,489 Derivative Instruments 19,569 75,733 Income Tax Receivable 2,335 3,249 Total Current Assets 413,667 509,407 Property and Equipment: Oil and Natural Gas Properties, Full Cost Method of Accounting Proved 9,111,493 8,428,518 Unproved 37,654 36,785 Other Property and Equipment 8,146 8,069 Total Property and Equipment 9,157,293 8,473,372 Less – Accumulated Depreciation, Depletion and Impairment ( 4,891,014 ) ( 4,541,808 ) Total Property and Equipment, Net 4,266,279 3,931,563 Derivative Instruments 4,107 10,725 Acquisition Deposit 25,500 17,094 Other Noncurrent Assets, Net 15,111 15,466 Total Assets $ 4,724,664 $ 4,484,255 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable $ 150,145 $ 192,672 Accrued Liabilities 215,833 147,943 Accrued Interest 26,804 26,219 Derivative Instruments 70,726 16,797 Other Current Liabilities 2,061 2,130 Total Current Liabilities 465,569 385,761 Long-term Debt, Net 1,874,909 1,835,554 Deferred Tax Liability 112,870 68,488 Derivative Instruments 159,091 105,831 Asset Retirement Obligations 41,409 38,203 Other Noncurrent Liabilities 2,509 2,741 Total Liabilities $ 2,656,357 $ 2,436,578 Commitments and Contingencies Stockholders' Equity 2 Table of Contents Common Stock, Par Value $ .001 ; 270,000,000 Shares Authorized; 100,172,478 Shares Outstanding at 6/30/2024 100,761,148 Shares Outstanding at 12/31/2023 502 503 Additional Paid-In Capital 1,995,432 2,124,963 Retained Earnings (Deficit) 72,373 ( 77,790 ) Total Stockholders' Equity 2,068,307 2,047,676 Total Liabilities and Stockholders' Equity $ 4,72

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View this 10-Q filing on SEC EDGAR